FORM 4

o Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue.
See Instruction 1(b).

(Print or Type Responses)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the
Investment Company Act of 1940

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1. Name and Address of Reporting Person *

Weiss, Craig A

(Last) (First) (Middle)

520 Main Avenue

(Street)

Fargo, ND 58124

(City) (State) (Zip)

2. Issuer Name and Ticker
or Trading Symbol

Community First Bankshares, Inc.
CFBX

3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)

4. Statement for
(Month/Day/Year)

January 7, 2003

5. If Amendment, Date of
Original (Month/Day/Year)

6. Relationship of Reporting Person(s) to Issuer

(Check all applicable)

Director

10% Owner

X Officer (give title below)

Other (specify below)

Executive Vice President & CFO

7. Individual or Joint/Group
     Filing (Check Applicable Line)

   X   Form filed by One Reporting Person

       Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/ Year)	2A. Deemed Execution Date, if any (Month/Day/ Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/ Year)	2A. Deemed Execution Date, if any (Month/Day/ Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock (CFBX)	1/7/03		M		10,000	A	$19.5625
	1/7/03		F		7,183	D	$27.23
	1/7/03		F (a)		586	D	$27.23
	1/7/03		M		10,000	A	$24.875
	1/7/03		F		9,135	D	$27.23
	1/7/03		F (a)		46	D	$27.23	35,663	D
								17,598 (b)	I	401(k)
								645 (c )	I	SERP

(a) Securities sold at exercise to facilitate withholding relative to non-qualified options.

(b) Includes 1,222 shares purchased, not previously reported.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date
(Month/Day/
Year)

3A. Deemed Execution Date, if any (Month/Day/
Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Securities: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date
Exercisable

Expiration
Date

Title

Amount or Number of Shares

Option *

24.875

1/7/03

10,000

(1)

2/3/03

Common Stock

10,000

Option *

19.5625

1/7/03

10,000

(2)

2/2/09

Common Stock

10,000

Option *

14.00

(2)

2/8/10

Common Stock

15,000

Option *

19.3125

(2)

2/6/11

Common Stock

15,000

Option *

24.25

(2)

2/5/12

Common Stock

18,000

Option

$27.23

(3)

2/2/09

Common Stock

7,769

* Right to Buy

Explanation of Responses:

(1) The option becomes exercisable with respect to one-third of the shares per year, commencing one year from the date of grant, which is also four years prior to the expiration date.

(2) The option becomes exercisable with respect to one-third of the shares per year, commencing one year from the date of grant, which is also nine years prior to the expiration date.

(3) Option acquired via reload feature of $19.5625 option grant.

/s/ Craig A. Weiss		January 7, 2003
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

http://www.sec.gov/divisions/corpfin/forms/form4.htm

Last update: 09/05/2002

WEISS CRAIG A 4